With recent data suggesting that the rising popularity of renovations will continue into 2015, the head of broker distribution at a major bank says brokers should be taking advantage of this.
The Westpac Renovation Report
has revealed that more and more Aussie
home owners are opting to renovate an average of three rooms at a time in a bid to update, improve and increase the value of their property. The most popular rooms to renovate are the kitchen and bathroom (both 63%) and the living/lounge room (42%).
Furthermore, with nine in 10 Australian renovators choosing to outsource their renovation rather than DIY, Westpac’s general manager for broker distribution, Tony MacRae, is encouraging home-owners to talk to brokers about budgeting before renovating.
“From the outset you need to know what you can afford to spend. If your budget is not managed wisely the cost can be heavy on your pocket and take away the joy from enjoying your home more. If you are unsure about the value of the equity in your home or how to best finance your renovation, customers should talk to their local broker to discuss their options,” he said.
Remember to take our latest poll: Does the convenience of online lending pose a threat to the broker industry? Click here to share your opinion.